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A Guide to Registering Your Business Name in Nigeria (Sole-Proprietorship)

A Guide to Registering Your Business Name in Nigeria (Sole-Proprietorship). Turning your entrepreneurial dream into reality is an exciting journey, and registering your business name is a crucial first step. Here’s a simplified guide to navigate the process according to the latest Corporate Affairs Commission (CAC) guidelines:

A Guide to Registering Your Business Name in Nigeria (Sole-Proprietorship)

1. Brainstorm and Check Availability:

Choose a unique and relevant name: Your business name is your brand identity, so choose wisely.

Check for availability: Head to the CAC’s name reservation portal ( https://search.cac.gov.ng/home) to ensure your chosen name isn’t already registered.

A Guide to Registering Your Business Name in Nigeria (Sole-Proprietorship)

2. Reserve Your Name:

  • Create an account or log in: Visit the CAC’s Company Registration Portal (CRP) (https://pre.cac.gov.ng/login) and create an account if you’re new or log in if you have an existing account.
  • Apply for reservation: Once logged in, navigate to the name reservation section and submit your chosen name. You’ll need to pay a reservation fee of N500, excluding charges from Remita. You must suggest two names, but only one will be accepted for reservation. It’s crucial to choose wisely based on the available options, considering whether it’s for a new incorporation or sole proprietorship. If your initial application is rejected, you will need to submit two new name options and pay another reservation fee.

3. Complete the Pre-registration Form:

Fill out your pre-registration form according to your selected business structure. You’ll need to gather the required registration documents, such as your National Identity Number (NIN) and other relevant details. Register a company with your Name availability code. The statutory registration form necessitates specific details, along with several documents, including the approved name, general nature of the business, complete address of the main place of business, proposed commencement date, passport-sized photos of the owners, and proficiency certificate (if necessary).

4. Prepare and Upload Documents:

  • Gather required documents: These typically include a copy of your ID card, passport photograph, and a signed copy of the pre-registration form.
  • Scan and upload: Ensure all documents are scanned clearly and uploaded to the designated section on the CRP.

5. Pay the Filing Fee:

  • Review the fee schedule: The CAC website provides a detailed breakdown of fees, Pay the filing fee  Check the Fees for our Services here
  • Make the payment: The CRP accepts various payment methods, so choose the one that suits you best.

6. Await Approval and Download Your Certificate:

  • The CAC will review your application. Once approved, you’ll receive a notification via the CRP.
  • Download your certificate: You can now conveniently download your certificate of registration and certified true copies of your registration information directly from the CRP. This eliminates the need to visit a physical CAC office.

Note: Individual/Proprietors can register business names without the services of the legal practitioner, chartered Accountant or Chartered Secretary.

Congratulations! You’ve successfully registered your business name and are well on your way to establishing a thriving enterprise in Nigeria.

Additional Tips:

  • Ensure you have a valid ID card and a recent passport photograph readily available.
  • Carefully review the pre-registration form before submitting it to avoid errors.
  • Keep copies of all submitted documents and the downloaded certificate for future reference.

There are many advantages to registering your small business in Nigeria, including being legally recognized, gaining access to business opportunities, having exclusive use of your business name, enjoying tax benefits, protecting your personal assets, accessing funding, being able to open a corporate bank account, and enhancing your credibility and reputation.

By following these steps and adhering to the latest CAC guidelines, you can confidently and efficiently register your business name and begin your entrepreneurial journey in Nigeria.

Read: Complete Guide to Obtaining an e-CRVS Certificate in Nigeria

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